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Health Care

How do health care reform and taxes connect? The Affordable Care Act is single largest change to the tax code in two decades. Find help navigating the complexities of the new health care legislation, Medicare, Medicaid and other medical deductions.

Has your dad filed his return yet? If so, did he enter 100% of the amounts from the January line on Form 1095-A on his tax return?

If he entered 100% of those amounts from the January line on his return then we'll allocate 0% to you. So you won't have a repayment or a refundable credit on your tax return but you'll still need to send your forms to the IRS.

If we allocate 0% to you then part II of Form 8962 is left blank (enter zeroes across the line for January). You will need to enter your information and your dad's information in Part IV of the 8962 for the shared allocation calculation.

If your dad hasn't filed his return yet then let me know and we can allocate based on the part of the premium that is allocable to you instead of a 0% allocation if it makes sense.

What it looks like is your dad signed all of you up for marketplace insurance but then it was cancelled after the first month for whatever reason or insurance was obtained elsewhere and the marketplace policy was discontinued. That would explain why there was only 1 month.

Re: Why is the IRS requesting Form 8962 and 1095-A?

My dad filed a 1040EZ (filed after me,) and he did not enter 100% of the amounts from the January line on Form 1095-A. He has not received anything in the mail about any errors (at least not yet.) Knowing that, I don't really know what I should allocate to myself. Any thoughts?

Re: Why is the IRS requesting Form 8962 and 1095-A?

Alright so since your dad filed a 1040EZ he could not have completed his 8962 either. Therefore we'll allocate based on the cost of your part of the policy and you might get some refundable credit. We'll do whatever makes sense though.

I'll just need your age and zipcode so that I can figure your part of the lowest cost bronze and silver plans through the marketplace and then we'll go from there.

Re: Why is the IRS requesting Form 8962 and 1095-A?

Thank you for asking for updates. That kept this question near the top of the list so I would see it. I actually thought I had answered it after I did a bunch of 8962 forms for people on here the other day but I'm glad you kept it up there.

So anyhow your individual premiums are about 15% of the amount on your 1095-A ($161.92 for the lowest cost bronze plan which is column A on the 1095-A). So if we allocate based on that you might get some premium tax credit.

In order to complete the calculation I'll need to know how many people are on the 1095-A (I'm assuming it's you, your dad, and your mom) and I'll need to know your parents' adjusted gross income. The contribution is based on the total income of all who are on the 1095-A however your part of that as well as of the amounts in all three columns of the 1095-A is that 15% that I mentioned so the result on your return will be based on 15% instead of on the entire amounts.

I will check back on here for a reply from you for the rest of the evening tonight so we can get this done and then I'll check again tomorrow night in case you haven't had the chance before then.